This essay was originally published on TomDispatch and is republished here with Tom's kind permission. Here's the good news about energy: Thanks to rising oil prices and deteriorating economic conditions worldwide, the International Energy Agency (IEA) reports that global oil demand will not grow this year as much as once assumed, which may provide some temporary price relief at the gas pump. In its May "Oil Market Report," the IEA reduced its 2011 estimate for global oil consumption by 190,000 barrels per day, pegging it at 89.2 million barrels daily. As a result, retail prices may not reach the stratospheric …
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Michael T. Klare
Michael T. Klare is a professor at Hampshire College and an author, most recently, of The Race for What's Left.
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